Smart Lock Growth Represents Unique Opportunity for Locksmiths

I know, I know, you’ve heard this all before, but hear me out … We here at Locksmith Ledger can talk until we are blue in the face, but we hope seeing the data and research behind the growth of smart locks and the smart home, in general, will speak louder than words. For example, looking at the latest Parks Associates’ research (see article on page 10), between 9- and 11-percent of U.S. internet households, or more than 12 million households, own a smart door lock, nearly double the adoption rate five years prior. Add to that the fact that purchase intention for smart homeowners has returned to pre-pandemic levels, and we are poised for continued strong growth for smart locks over the next five years.

And for those who don’t pay much attention to residential work, these findings are still quite relevant, as multi-dwelling units (MDUs) or multi-family settings are areas showing tremendous interest in smart locks. Of particular interest, Parks reveals that about three out of four MDU property managers find the ability of smart door locks to minimize key replacement costs “very appealing,” while 73 percent of MDU properties with smart door locks use the devices to grant access to units remotely for unaccompanied viewings, package delivery, or third-party services. What’s more, one-third of MDU property managers report that their residents are demanding the ability to enable remote access to apartment units. Beyond MDUs, healthcare and schools are two areas of growth for smart locks as well.

The Z-Wave Alliance’s 2023 Ecosystem Report (see article on page 14) has similar findings on smart lock growth, and provides interesting insight into the purchase channel, as smart locks, gates and security systems have the highest purchase rate from a dealer, integrator or professional installer, as opposed to DIY, for example. In addition, smart door locks were a close second behind networked cameras for top devices survey respondents are most interested in adding to their smart home system.

As Z-Wave Alliance Executive Director Mitch Klein points out, while installers will always need to know the mechanical side of things, adding knowledge on the smart-lock side can help grow their business. “That's something I would really drive home for your readers is not to be afraid of the technology, but to embrace it, because there are enormous opportunities for that marketplace.”

Klein makes some keen observations on the whole DIY vs. professional installation debate, noting that DIY is not only raising overall awareness of smart home offerings but also driving business to installers, as consumers find they need help in adding devices like smart locks to their existing smart home ecosystem, such as smart doorbells and Wi-Fi enabled networked cameras.

But, hey, don’t take it from me … the numbers tell the story.